[Edaily Reporter kyoungeun kim ] MIRAE ASSET SECURITIES is acquiring a local securities firm to enter the Japanese retail market. Analysts say this is a practical choice to expedite the start of operations in Japan, where obtaining new licenses is difficult, and note that attention is also focused on the shareholder return policy to be announced next month.

Yoon Yu-dong, an analyst at NH INVESTMENT & SECURITIES, stated in a report on the 30th, “On the 29th, MIRAE ASSET SECURITIES decided to acquire 100% of the shares in Sanko Securities—a wholly-owned subsidiary of Okasan Securities Group—for approximately 47.6 billion won through its U.S. intermediate holding company, US Holdings.”

Of the total investment of 100.6 billion won, the remaining approximately 53 billion won is planned to be used to prepare for the retail business in Japan, including the development of a mobile trading system (MTS).

Sanko Securities is a small, unlisted local securities firm that suspended its retail operations in May of this year. As of the March fiscal year-end, its equity stood at approximately 4.6 billion yen, with a return on equity (ROE) of about 1.0%; the price-to-book ratio (PBR) for the acquisition is approximately 1.2 times.

Analyst Yoon explained, “The key to this acquisition is securing a Japanese securities license,” adding, “Since obtaining a new license in Japan is difficult, acquiring an existing securities firm is a practical way to expedite the start of operations.”

Specific operational plans, such as whether to merge with the Japanese subsidiary established in July of this year, have not yet been determined. MIRAE ASSET SECURITIES aims, in the medium to long term, to launch country-specific mobile trading systems (MTS) and then integrate them into a single platform, enabling the trading of traditional assets—such as stocks and bonds—and digital assets on a single platform. The company is also considering a unified foreign investor account service for Japanese clients.

The company anticipates that its overseas acquisitions and partnerships will continue. In November 2024, MIRAE ASSET SECURITIES acquired 100% of India’s Sharekhan Securities for 586.6 billion won. Analyst Yoon stated, “Although we secured a customer base, sales network, and profit base at the time, the contribution to consolidated ROE remains limited,” adding, “We expect Sanko Securities to show gradual improvements in profitability after establishing its business foundation and acquiring customers.” He continued, “According to media reports, it appears that MIRAE ASSET SECURITIES is also considering the acquisition of a Chinese financial firm.”

He also highlighted the shareholder return policy to be unveiled next month. MIRAE ASSET SECURITIES plans to announce, following a board resolution on November 12 alongside its third-quarter earnings release, a plan to cancel 108 million shares of treasury stock it currently holds, as well as a three-year shareholder return plan covering 2027–2029. Analyst Yoon emphasized, “MIRAE ASSET SECURITIES’ earnings and stock price have been highly sensitive to fluctuations in SpaceX’s stock price,” adding, “This announcement is something investors have been waiting for, and it is important to pay close attention to the buyback schedule and the level of returns over the medium term.”